Form 497K T. Rowe Price Value Fund

Summary Prospectus  March 1, 2026
	T. ROWE PRICE
	Value Fund
TRVLX  TRPIX  PAVLX  TRZAX	Investor Class  I Class  Advisor Class  Z Class
The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.   Before you invest, you may want to review the fund’s prospectus, which contains more information about the fund and its risks. You can find the fund’s prospectus, shareholder reports, and other information about the fund online at troweprice.com/prospectus. You can also get this information at no cost by calling 1-800-638-5660, by sending an e-mail request to [email protected], or by contacting your financial intermediary. This Summary Prospectus incorporates by reference the fund’s prospectus, dated March 1, 2026, as amended or supplemented, and Statement of Additional Information, dated March 1, 2026, as amended or supplemented.

SUMMARY

1

 

Investment Objective(s)

 

The fund seeks to provide long-term capital appreciation by investing in common stocks believed to be undervalued. Income is a secondary objective.

 

Fees and Expenses

 

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.

 

Fees and Expenses of the Fund

	Investor  Class		I  Class		Advisor Class		Z  Class
Shareholder fees (fees paid directly from your investment)
Maximum account fee	$20	a	—		—		—

Annual fund operating expenses  (expenses that you pay each year as a  percentage of the value of your investment)

Management fees		0.55	%b	0.55	%b	0.55	%b	0.55	%b
Distribution and service (12b-1) fees		—		—		0.25		—
Other expenses		0.17		0.03		0.16		0.01
Total annual fund operating expenses		0.72		0.58		0.96		0.56
Fee waiver/expense reimbursement		(0.01	)b	(0.01	)b	(0.01	)b	(0.56	)b,c
Total annual fund operating expenses after fee waiver/expense reimbursement		0.71	b	0.57	b	0.95	b	0.00	b,c

 

a	Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee.
b	T. Rowe Price Associates, Inc., has contractually agreed (at least through February 28, 2027) to waive a portion of the fund’s management fees so that an individual fund fee of 0.2295% is applied to the fund’s average daily net assets that are equal to or greater than $20 billion. Thereafter, this agreement will automatically renew for one-year terms unless terminated by the fund’s Board of Directors. Fees waived under this agreement are not subject to reimbursement to T. Rowe Price Associates, Inc., by the fund.
c	T. Rowe Price Associates, Inc., has contractually agreed to waive and/or bear all the Z Class’ expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) in their entirety. T. Rowe Price Associates, Inc., expects this fee waiver and/or expense reimbursement arrangement to remain in place indefinitely, and the agreement may only be amended or terminated with approval by the fund’s Board of Directors.

 

T. Rowe Price

2

 

Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that any current expense limitation arrangement remains in place for the period noted in the previous table; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

	1 Year		3 Years		5 Years		10 Years
Investor Class	$	73	$	229	$	400	$	894
I Class		58		185		323		725
Advisor Class		97		305		530		1,177
Z Class		0		0		0		0

Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 59.5% of the average value of its portfolio.

 

Investments, Risks, and Performance 

Principal Investment Strategies

 

The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities of companies with value characteristics. The fund considers a company to have value characteristics if the company’s securities are represented in an appropriate third-party value-oriented index. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy.

 

The fund may purchase stocks issued by companies of any size, but typically focuses its investments on large-cap stocks.

 

In taking a value approach to investment selection, the adviser seeks to identify companies that appear to be undervalued by various measures, and may be temporarily out of favor, but have good prospects for capital appreciation. In selecting investments, the adviser generally looks for one or more of the following:

 

●

low price/earnings, price/book value, price/sales, or price/cash flow ratios relative to the broader equity market, a company’s peers, or a company’s own historical norm;

●

low stock price relative to a company’s underlying asset values or intrinsic value;

●

companies that may benefit from restructuring activity; and/or

●

a sound balance sheet and other positive financial characteristics.

 

At times, the fund may have a significant portion of its assets invested in the same economic sector.

 

 

SUMMARY

3

 

Principal Risks

 

As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund, which may be even greater in unfavorable or uncertain market conditions, are summarized as follows:

 

Value investing: The fund’s value approach to investing could cause it to underperform other stock funds that employ a different investment style. The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time (or at all) or a stock judged to be undervalued may actually be appropriately priced at a low level. Value stocks may fail to appreciate for long periods and may never reach what the adviser believes are their full market values.

 

Large-cap stocks: Securities issued by large-cap companies tend to be less volatile than securities issued by small- and mid-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful small- and mid-cap companies, especially during strong economic periods, and may be unable to respond as quickly to competitive challenges.

 

Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as the coronavirus pandemic) and related governmental and public responses. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.

 

Stock investing: Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of stocks held by the fund may decline due to general weakness or volatility in the stock markets in which the fund invests or because of factors that affect a particular company or industry.

 

Sector exposure: Issuers in the same economic sector may be similarly affected by economic or market events, making the fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

 

Active management: The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies.

 

Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality.

 

T. ROWE PRICE

4

 

Performance

 

The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.

 

The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.

  

 

		Quarter Ended	Total Return			Quarter Ended	Total Return
	Best Quarter	12/31/20	18.64%		Worst Quarter	3/31/20	-25.23%

 

The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Russell 3000^® Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy.

 

In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.

 

SUMMARY

5

 

Average Annual Total Returns

			Periods ended
			December 31, 2025
												Since		Inception
			1 Year			5 Years			10 Years			inception		date
	Investor Class													09/30/1994
		Returns before taxes	12.17	%		10.74	%		10.75	%		—	%
		Returns after taxes on distributions	11.01			8.81			9.15			—
		Returns after taxes on distributions and sale of fund shares	8.04			8.14			8.42			—
	I Class													08/28/2015
		Returns before taxes	12.30			10.88			10.90			—
	Advisor Class													03/31/2000
		Returns before taxes	11.89			10.46			10.48			—
	Z Class													03/16/2020
		Returns before taxes	12.94			11.54			—			19.68
	Russell 3000®  Index (reflects no deduction for fees, expenses, or taxes)
			17.15			13.15			14.29			21.42	a
	Russell 1000®  Value Index (reflects no deduction for fees, expenses, or taxes)
			15.91			11.33			10.53			17.59	a
	Lipper Large-Cap Value Funds Index
			19.05			13.08			11.92			19.72	a

a

Return since 3/16/20.

 

Updated performance information is available through troweprice.com.

 

Management

 

Investment Adviser T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)

 

Name	Title	Managed Fund Since	Joined Investment Adviser
Ryan S. Hedrick	Portfolio Manager and Chair of Investment Advisory Committee	2023	2013

 

Purchase and Sale of Fund Shares

 

The Investor Class and Advisor Class generally require a $2,500 minimum initial investment ($1,000 minimum initial investment if opening an IRA, a custodial account for a minor, or a small business retirement plan account). Additional purchases generally require a $100 minimum. These investment minimums generally are waived for financial intermediaries and certain employer-sponsored retirement plans submitting orders on behalf of their customers. Advisor Class shares may generally only be purchased through a financial intermediary or retirement plan.

 

The I Class requires a $500,000 minimum initial investment per fund per account registration, although the initial investment minimum generally is waived or reduced for financial intermediaries, eligible retirement plans, certain accounts for which T. Rowe Price or its affiliates have discretionary investment authority, qualifying directly held accounts, and certain other accounts.

 

 

T. ROWE PRICE

6

 

The Z Class is only available to funds managed by T. Rowe Price and other advisory clients of T. Rowe Price or its affiliates that are subject to a contractual fee for investment management services. There is no minimum initial investment and no minimum for additional purchases.

 

For investors holding shares of the fund directly with T. Rowe Price, you may purchase, redeem, or exchange fund shares by mail; by telephone (1-800-225-5132 for IRAs and nonretirement accounts; 1-800-492-7670 for small business retirement plans; and 1-800-638-8790 for institutional investors and financial intermediaries); or, for certain other accounts, by accessing your account online through troweprice.com.

 

If you hold shares through a financial intermediary or retirement plan, you must purchase, redeem, and exchange shares of the fund through your intermediary or retirement plan. You should check with your intermediary or retirement plan to determine the investment minimums that apply to your account.

 

Tax Information

 

Any dividends or capital gains are declared and paid annually, usually in December. Redemptions or exchanges of fund shares and distributions by the fund, whether or not you reinvest these amounts in additional fund shares, generally may be taxed as ordinary income or capital gains unless you invest through a tax-deferred account (in which case you will be taxed upon withdrawal from such account).

 

Payments to Broker-Dealers and Other Financial Intermediaries

 

If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

 

 

 

 

 

 

 

 

 

 

T. Rowe Price Associates, Inc. 1307 Point Street Baltimore, MD 21231	F107-045  3/1/26

 

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